Sun Communities (NYSE:SUI) Updates FY24 Earnings Guidance

Sun Communities (NYSE:SUI) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $7.06-7.22 for the period, compared to the consensus earnings per share estimate of $7.14. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Sun Communities Stock Up 1.0 %

SUI stock traded up $1.14 during mid-day trading on Monday, hitting $120.22. The stock had a trading volume of 888,759 shares, compared to its average volume of 792,017. Sun Communities has a 1-year low of $102.74 and a 1-year high of $141.52. The company has a fifty day moving average of $127.11 and a 200 day moving average of $125.37. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $14.98 billion, a price-to-earnings ratio of 105.46, a PEG ratio of 1.07 and a beta of 0.80.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a yield of 3.13%. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio is currently 329.83%.

Analysts Set New Price Targets

SUI has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They issued a hold rating and a $129.00 target price for the company. BMO Capital Markets reduced their price objective on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a research note on Monday, January 22nd. Compass Point increased their target price on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research report on Thursday, March 21st. Barclays cut their target price on Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a report on Friday, January 26th. Finally, Truist Financial lowered their price objective on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a report on Monday, March 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Sun Communities presently has an average rating of Hold and a consensus target price of $141.17.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock valued at $912,460 in the last 90 days. 1.89% of the stock is currently owned by insiders.

About Sun Communities

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.